Bay Cove Woodward Park Residence Inc

Analysis

Bay Cove Woodward Park Residence Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in June 1994, 32 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Bay Cove Woodward Park Residence Inc reported income of $124k and spending of $189k, spending 153% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $175k to $124k (-30%), an average of -8.4% a year. The sharpest change came in the year to June 2020, when income dropped by 40%. Over the whole period it spent 122% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Bay Cove Woodward Park Residence Inc sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 42nd percentile, and in the 48th percentile within MA. Charities of a similar size with the same main cause include Lucies Place Inc ($124k), Breal Inc ($124k) and Jaxs Transitional Homes Inc ($124k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 57% and program service revenue 43% of the total. At year end it held assets of $525k against liabilities of $423k, net assets of $102k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.